Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1887-12-09
THE MESSAGE.
PRESIDENT CLEvELAhD'S ADVICE
TO CONGRESS.
/ VERY STRONG SQUTNT At
FREE TRADE.


old of your legislative duties with a
condition of the national finances
which imperatively demands imme-
date and careful consideration.
The amount of money annually
exactcd through the operation of
present laws from the industries
and necessities of the people large.
ly exceeds the sum necessary to
meet the expenses Of the govern
ment.
When we consider that the theo-
nv OF our institutions guarantees to
every citizen the full enjoyment OF
all the fruits Of his industry and
enterprise, with only such deduc-
tiOn as may be his share towards
the careful and economical main
tenance of the government which
protects him, it Is plain that the
exactiOn Of more than this is in
defensible eXtOrtiOn and a culpable
betrayal of American fairness and
justice. This wrong inflicted upon
those who bear the burden of ma
tional taxation, like other wrongs,
multiplies a brood of evil conse.
quences. The public treasury,
which should only exist as a con.
duit conveying the peoples tribute
to its legitimate objects Of eXpendi-
ture, becomes a hOarding.place for
money needlessly withdrawn from
trade and the peoples use, thus
crippling our national energies, sus-
pending our cOuntry's development,
preventing investment in prOduc-
tive enterprise, threatening fnan-
cial disturbance, and inviting
schemes Of public plumber.
This condition Of our treasury is
not altogether new; and it has
more than once Of late been sub
mitted 10 the peoples representa-
tives in the Congress, who alone
can apply a remedy. And yet, the
situation still continues, with ag-
gravated incidents, more than ever
pressing financial CONFUSION and
widespread disaster.
1t will not do to neglect this sit
uation because its dangers are not
now palpably imminent and APP
parent. They exist none the less
certainly, and await the unforeseen
and unexpected occasion when sud
denly they will be precipitated mp
on us.
On the Both dav of June, 1885,
the excess of revenues over public
expenditures, after complying with
the annual requirement of the sink
ing fund act, was Sl7,S50, 1854
during the year ended June Both,
1856, such excess amounted to
$40, 400, $500, and during the year
ended June Both. 1887, it reached
the sum OF $50, 5G7, Sl9.5l.
THE SINKING FUND.
The annual contributions TO the
fund during the three years
above specified, amounting in the
aggregate to S13S,OjS,32O.04 and
deducted from the surplus as stated,
were made by calling in for that
purpose outstanding three per cent |
bonds of the government. During |
the six months prior to June Both, |
1887, the surplus revenue had grown |
so large by repeated accumulations,
and it was feared the withdrawal !
Of this great sum Of money needed |
by the people would so affect the |
business of the country that the |
sum of S79,SGl, 100 of such surplus
was applied to the payment of the |
principal and interest Of three per
cent. bonds still outstanding, and
which were then payable at the
option of the government. The
precariOus condition of financial
affairs among the people still need
ing relief, Immediately after the
}0th of June. 1887, the remainder
Of the three per cent. bonds then
outstanding, amounting with prin-
,ipal and interest to $751; 900,
were called in and applied to the
fund contribution for The
current fiscal year. NOtwithstand-
Dg these operations Of the Treas
lry Department, representations OF
distress in business circles not only
but increased, and abSO-
ute peril seemed at hand. In these
circumstances the contribution to
he sinking fund for the current
fiscal year was at once completed
BY the expenditure of S27 ,GSl, 2S3.'
- in the purchase Of government
bonds not yet due bearing four and
our and a.half per cent. interest,
he premium paid thereon averag-
ng about twenty-tOur per cent. for
he former and eight per cent. for
he latter. In addition to this, the
interest accrulng during the cur
'ent year upon the outstanding
bonded Indebtedness OF the gov
was to some extent antic-
pated, and banks selected as de.
)OsitOrieS OF public money were
to somewhat increase
heir deposits.
While the eXpedents thus en-
)lOyed to release to the people the
money lying idle in the Treasury
served to avert immediate danger,
,ur surplus revenues have cOntin-
ned to accumulate, the excess tor
he present year amounting on the
LIST day of December to SO, 25S,-
-01.19, and estimated to reach the
'um of S1l3,0OO,000 on the Both of
June next, at which date it IS ex-
)ectcd that this sum, added to
DIOR accumulatiOns, will swell the
surplus in the treasury to SiO,-
100000.
A PANIC POSSIBLE.
There seems to be no assurance
hat, with such a withdrawal from
Use of the peoples circulating me.
Iium, our business community may
Iot in the near future be subjected
o the same distress which was
Iuite lately produced from the same
ausc. And while the fdnctions of
ur national treasury should be
ew and simple, and while its best s
wOuld be reached, | be-
eve, by its entire discOnnection ;
With private business interests, yet
rhen, by a perversion of it's pur-
a 4 l.. 4 ftaalnIGlN I 1